A new loan application tool has been launched by the National Payments Corporation of India (NPCI), a body that facilitates loans for the poor.
The new tool, called PPP Loan, aims to help people who are looking for loans and get the best deal from the lender.
The tool lets borrowers apply for PPP loans and then check if the loan amount is within the budget.
The loan amount may not be exact because of loan origination, so borrowers can be encouraged to ask questions to ensure the loan is appropriate.PPP Loan helps borrowers with PPP repayment plans, the repayment period for PPG loans and how to pay off the loan.
In case the borrower is in a high-debt state, borrowers can also request to pay down their debts in cash, without using bank accounts or credit cards.
For PPP borrowers, the loan offer is based on the income of the borrower, not the age or other factors.
The borrower can opt to take out PPP with a maximum interest rate of 12.5% or a repayment period of six months.
In the future, borrowers who are still looking for a loan can apply for loans from the PIPP and NPCI through their Aadhaar number.
They will be asked for the Aadhaar number to be updated.